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Commercial Services Global Market Analysis, Trends, Growth, Research And Forecast 2033
Commercial Services Global Market
As per the report, the commercial services market size has grown rapidly in recent years. It will grow from $5732.26 billion in 2023 to $6306.01 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The commercial services market size is expected to see strong growth in the next few years. It will grow to $9119.37 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
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Rising Urbanization Fueling The Commercial Services Revolution
Increasing urbanization in search of better living standards and higher job opportunities will drive the commercial services market. With the increase in the concentration of people moving to urban cities, the need for job creation will also increase, enabling more job opportunities and higher disposable income. Urbanization leads to more, better and more inclusive jobs in cities around the world, generating higher demand for commercial services companies. According to UN estimates, the proportion of the world population living in urban areas is expected to increase from 55% in 2018 to 68% by 2050. Therefore, the increase in urban population is expected to drive the growth of the commercial services market.
AI Revolutionizing Customer Support A Cost-Efficient Approach
Artificial intelligence is widely being used by business organizations in customer support activities as it considerably reduces operational costs. Artificial intelligence systems perform tasks that normally require human intelligence such as speech recognition, translation between languages, visual perception, and decision-making. This technology enables the handling of customer grievances and other interactions without human intervention, thereby increasing efficiency and reducing operational costs. It also helps manage support tickets in bulk and provides multi-language support, and auto-responding to bulk emails. For instance, in April 2023, according to Forbes, a US-based magazine, 64% of businesses believe that artificial intelligence would help increase their overall productivity.
The commercial services market covered in this report is segmented -
1) By Type: Office Administrative Services, Facilities Support Services, Employment Services, Business Support Services, Travel Arrangement And Reservation Services, Waste Management And Remediation Services, Investigation And Security Services, Services to Buildings And Dwellings, Other Support Services
2) By Mode: Online, Offline
3) By Service Type: Hard Services, Soft Services, Other Services
Subsegments Covered: Business Management Services, Hospitality Management Services, Health Management Services, Other Office Administrative Services, Maintenance Services, Security & Guard Services, Reception Services, Other Facilities Support Services, Employment Placement Agencies, Executive Search Services, Temporary Help Services, Professional Employer Organizations, Document Preparation Services, Telephone Call Centers, Business Service Centers, Collection Agencies, Credit Bureaus, Other Business Support Services, Travel Agencies, Tour Operators, Convention And Visitors Bureaus, Other Travel Arrangement And Reservation Services, Waste Collection, Waste Treatment And Disposal, Remediation Services, Other Waste Management Services, Investigation, Guard, And Armored Car Services, Security Systems Services, Exterminating And Pest Control Services, Janitorial Services, Landscaping Services, Carpet And Upholstery Cleaning Services, Other Services to Buildings And Dwellings, Packaging And Labeling Services, Convention And Trade Show Organizers, All Other Support Services
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Major companies operating in the commercial services market report are Apple lnc., Veolia Environment SA., Recruit Holdings Co.Ltd., Randstad Holding NV, CBRE Group, Visa lnc., Adecco Group, Mastercard Inc., Jones Lang LaSalle Incorporated, ManpowerGroup Inc., Waste Management Inc., TUI Group, WPP plc, Omnicom Group, Publicis Groupe, Dentsu Group, S&P Global Inc., Interpublic Group of Companies lnc., Cushman & Wakefield plc, Securitas AB, Teleperformance SE, Equinix Inc., Experian plc, Equifax Inc., Colliers International Group, TransUnion, Savills plc, Nielsen Holdings plc, Knight Frank Pvt. Ltd., Travel Leaders Group, BCD Travel India Pvt. Ltd., First Data India Pvt Ltd.
Contents of the report:
1. Executive Summary
2. Commercial Services Market Report Structure
3. Commercial Services Market Trends And Strategies
4. Commercial Services Market - Macro Economic Scenario
5. Commercial Services Market Size And Growth
…..
27. Commercial Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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